John Ransom

If you ever wondered what Obama would do in a reprise of America’s Got President, the Next Term, you only have to look at Obama’s European hero, French President Francois Hollande.

The guy’s becoming a Taxinator: half man, half machine, all taxes, all the time. 

As a result France is becoming the juggernaut of worldwide taxation. 

While it stinks to be a producer of tax revenues in France, man if you want to leach off the rest of the European economy- or what’s left of it- France is the place for you.  

Hollande not only wants to the tax the rich and the super rich- and everyone else too- but he’s also been successful at it in a way that only Obama can dream of.

“The 2013 [French budget] blueprint relies on 20 billion euros ($26 billion) in tax increases,” reports the Washington Post, “including a levy of 75 percent on incomes over 1 million euros, and eliminating limits on the wealth tax.”

Imagine that: no limits on taxing the wealthy.

Total taxation.

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You make, we get. You don’t make, we still get. Heads they win, tails you lose. And no, that’s not your franc you’re flipping in the coin toss, it’s theirs. 

It’s a progressive dream come true. Obama can almost feel the jingle of coin running up his leg. 

Tthe great thing is that if everyone comes together, and if the rest of Europe- or what’s left of it- does its part, next year the economy of France just may grow by less than one percent.

That’s by design too.

The government is forecasting economic growth for next year of 0.8 percent.

All that has to happen to make that pipedream come true is to get the German economy to grow much more robustly.


John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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